Employment Surge in Indian Real Estate
Over the past decade, the Indian real estate sector has witnessed a substantial increase in employment. A joint report by the National Real Estate Development Council (NAREDCO) and Anarock, a real estate consultancy, reveals a jump in employment figures from 4 crore in 2013 to an impressive 7.1 crore currently. This growth is attributed to the flourishing housing sector, fueled by policies enacted by the Modi administration. The report, titled "Real Estate Unboxed: The Modi Effect," highlights the transformative impact of government reforms on India's residential real estate market, strengthening the industry and propelling its growth. The real estate sector now accounts for over 18% of India's workforce.
Robust Housing Sales and Supply
Between 2014 and 2023, the seven major Indian residential markets (Delhi-NCR, Mumbai Metropolitan Region (MMR), Kolkata, Chennai, Bengaluru, Hyderabad, and Pune) saw the supply of 29.32 lakh residential units and sales of 28.27 lakh units.
Government Initiatives and Their Impact
- Hari Babu, National President of NAREDCO, emphasized the government's efforts over the past decade in reshaping the real estate landscape. Key initiatives like the Real Estate (Regulation and Development) Act (RERA), Goods and Services Tax (GST), and housing schemes such as the Pradhan Mantri Awas Yojana (PMAY) have played a critical role. Anuj Puri, Chairman of Anarock, noted a surge in housing prices across the seven major markets, fueled by substantial housing demand. The report underscores a decade of transformation facilitated by pioneering laws and regulations in the real estate sector. RERA's introduction has resulted in the successful resolution of over 1.21 lakh consumer grievances and the registration of around 1.23 lakh real estate projects, per official data. Meanwhile, the SWAMIH Fund has completed approximately 26,000 homes nationwide by December 2023, with an additional 80,000 units slated for completion within the next three years.
"the government has aimed to reshape the landscape of the real estate sector in India in the past ten years with profound initiatives like the Real Estate Regulation and Development Act (RERA), Goods and Services Tax (GST), and various housing schemes like Pradhan Mantri Awas Yojna (PMAY)."
"the top seven markets have seen growth in housing prices due to a notable demand for housing. It includes Delhi-NCR, MMR (Mumbai Metropolitan Region), Kolkata, Chennai, Bengaluru, Hyderabad and Pune."